The FTSE REIT Index continues to make headway following a break above 640 a couple of weeks ago, indicating an upside of 721. The REIT Index’s uptrend is likely to be punctuated by temporary retreats.
The world awaits with bated breath as the FOMC Blackout period begins on Sept 7 and ends on Sept 19. The 10-year US treasuries yield is at 3.69%. However, short-term RSI is at 36, which is low, but not excessively oversold. If the downward trend continues, there could be a rebound next week, but the rebound is likely to be temporary.
Non-farm payrolls for August expanded by 142,000, below the 161,000 consensus forecast but above levels in June and July. The unemployment rate fell marginally to 4.2%. This is despite the participation rate holding steady at 62.7%
